Pricol fell 2.06% to Rs 83.25 after the company's consolidated net profit (from continuing operations) tumbled 76.03% to Rs 1.40 crore on 59.7% surge in net sales to Rs 429.70 crore in Q4 March 2021 over Q4 March 2020.
Profit before tax surged to Rs 24.33 crore in Q4 FY21 as against Rs 3.97 crore in Q4 FY20. EBITDA grew 26.64% to Rs 53.05 crore in Q4 FY21 as against Rs 41.89 crore in the same period last year. EBITDA margin stood at 12.35% in Q4 March 2021 from 15.57% in Q4 March 2020.
During the financial year, Pricol's net profit stood at Rs 15.82 crore in FY21 compared with net loss of Rs 25.94 crore in FY20. Net sales jumped 15.35% to Rs 1,358.94 crore in FY21 over FY20.
Commenting on the company's Q4 performance, Vikram Mohan, managing director (MD) of Pricol, said: "Our results are in line with our expectations and an outcome of our sustained efforts to reduce costs, increase productivity and enhanced market share for our products. Our growth for FY21 has been higher than the growth of the corresponding segments of the market which has been mainly driven by introduction of new products as well as increased share of business from our customers on account of sustained performance and tight cost control. The impact of the first wave of COVID-19 and the subsequent lockdown had a major impact on the company's performance in Q1 FY 21."
"Whilst we were able to bounce back very strongly; steep increase in commodity prices had an impact on the EBITDA of the company in Q4 FY 21. As our company is highly dependent on import of electronic child parts; the global shortage of ICs resulted in higher raw material prices and loss of production due to non- availability of select ICs in Q4 FY 21. Nevertheless, we remain bullish about the long-term prospects for the company since we have heavily invested in technology and in capacity building in the prior years compounded by the efforts on increasing efficiency and productivity, as well as thrust on exports has helped the company launch new products and increase its market share and this will have a favorable long-term impact once the pandemic is brought under control," he added.
Pricol is one of India's leading automotive components and precision engineered products manufacturers.
Powered by Capital Market - Live News